Former Bithumb Chairman Acquitted in $100M Fraud Case
The former chairman of Bithumb Holdings and Bithumb Korea, Lee Jeong-hoon, has been acquitted for the second time in the $100 million fraud case. This decision by the Seoul High Court’s 5th Criminal Division follows Lee’s earlier acquittal in January 2023 on similar charges.
Court Ruling: Insufficient Evidence
The recent ruling declared Lee not guilty, stating that the evidence presented did not sufficiently prove his involvement in fraudulent activities. The court found the prosecution’s case lacking credibility and concluded that the alleged crime could not be proven based on the evidence provided.
The Allegations Against Lee
According to prosecutors, Lee orchestrated a scheme to defraud $100 million from cosmetic surgeon Kim Byung-Gun during negotiations for an acquisition deal. Lee allegedly promised to list the BXA token on Bithumb’s crypto exchange in exchange for a $100 million upfront fee. However, the token was never listed, leading prosecutors to accuse Lee of deception.
Hot Take: Lee Jeong-hoon Acquitted Again
Lee Jeong-hoon has once again been acquitted in the $100 million fraud case. The court ruled that there was insufficient evidence to prove his involvement in fraudulent activities. This marks the second time Lee has been found not guilty, casting doubt on the credibility of the prosecution’s case. Despite the allegations against him, Lee has successfully defended himself against these charges. The outcome of this trial raises questions about the strength of the evidence and highlights the importance of providing substantial proof in criminal cases.
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